Why did the price of PENDLE go up?
Pendle (PENDLE) dropped 0.31% in the last 24 hours, underperforming the overall crypto market, which rose by 1.08%. Despite a 47% decline over the past month, several important developments paint a more complex picture.
- Institutional Interest Grows – 21Shares introduced a Pendle ETP, showing increasing acceptance by large financial players.
- New Yield Products Launch – The nBASIS vault on Pendle attracted strong demand for real-world asset (RWA) yield strategies.
- Technical Indicators Suggest Possible Buying – The Relative Strength Index (RSI) at 32.98 hints that Pendle might be oversold and due for a short-term bounce.
Deep Dive
1. Institutional Gateway Opens (Positive Sign)
Overview: On October 28, 21Shares launched a Pendle Exchange-Traded Product (ETP) on the SIX Swiss Exchange. This gives regulated investors a way to access Pendle’s yield-tokenization technology. This move came after Pendle’s Boros platform reached $2.83 billion in trading volume in just three months (21Shares).
What this means: Institutional investors can now participate in Pendle’s fixed-income protocols through traditional financial channels. This helps bridge decentralized finance (DeFi) with traditional finance (TradFi) and could support more stable demand for Pendle, even with recent price swings.
What to watch: Monitor inflows into the ETP and Pendle’s plans for regulated products like Citadels in their Q4 2025 roadmap.
2. Real-World Asset Yield Innovation (Mixed Impact)
Overview: On November 5, Plume launched the nBASIS vault on Pendle, enabling flexible strategies for earning yield on real-world assets. This attracted $318 million in total value locked (TVL) within four days (Plume).
What this means: This development boosts Pendle’s usefulness in yield markets. However, a recent liquidity crunch in DeFi, following the Balancer hack, has increased borrowing costs. This makes it harder to use leveraged strategies involving Pendle’s principal tokens (PT).
3. Technical Rebound Potential (Neutral)
Overview: Pendle’s 14-day RSI is at 32.98, nearing oversold territory, while its price remains below a key resistance level at $3.54.
What this means: Momentum remains weak, as shown by a negative MACD histogram, but the oversold condition could lead to a short-term price rebound. For a stronger bullish turnaround, Pendle needs to close above $2.80, a support level from July.
Conclusion
Pendle’s small dip in the last day hides important progress in institutional adoption and real-world asset yield innovation. However, challenges remain from broader DeFi risks and bearish market trends. Key point to watch: Will Pendle’s total value locked (TVL) climb back above $500 million (currently $446 million), signaling renewed interest in its yield products?
What could affect the price of PENDLE?
Pendle is currently balancing between new ways to earn yield and the risks involved in decentralized finance (DeFi).
- New Yield Products – The launch of the nBASIS vault and expansion of Boros could boost the total value locked (TVL) again.
- Institutional Interest – Products like the 21Shares ETP and Citadels KYC pools are testing demand from regulated investors.
- Risk from Borrowing Costs – High borrowing rates of 30-40% threaten over $1 billion in leveraged positions.
Deep Dive
1. Real-World Asset (RWA) Yield Integration (Positive Outlook)
Overview: In November 2025, Pendle integrated with Plume’s nBASIS vault, allowing users to earn yield from real-world assets in a compliant way. The vault quickly attracted $318 million in TVL within just four days, offering depositors 10 times the usual PENDLE rewards.
What this means: If Pendle continues to attract institutional investors through RWA strategies, it could reverse the recent 47% drop in PENDLE’s price over the past month. Past trends show that every $1 billion increase in TVL tends to boost PENDLE’s price by 18-22% (Plume Relaunch).
2. Liquidity Crunch and Its Impact (Negative Outlook)
Overview: A $128 million hack on the Balancer platform caused many Pendle users to close their leveraged positions quickly. This led to borrowing costs spiking to 40%, forcing the shutdown of yield loops responsible for 60% of Pendle’s trading volume in 2025 (DeFi Liquidity Crisis).
What this means: If 30% of Pendle’s $1.6 billion open interest is unwound, selling pressure could push PENDLE’s price below the $2.30 support level. However, the launch of 21Shares’ exchange-traded product (ETP) (SIX Listing) offers some buying support to balance this risk.
3. Technical Analysis (Mixed Signals)
Overview: PENDLE is currently trading 36% below its 200-day exponential moving average (EMA) of $4.17, with the Relative Strength Index (RSI) indicating it is oversold at 30.3. However, Fibonacci retracement levels show strong support around $2.61.
What this means: Although short-term momentum is bearish, the $2.60 to $2.70 price range saw significant buying activity in October 2025, with 17 million PENDLE tokens purchased. Holding above $2.50 could lead to a price recovery toward the 30-day simple moving average (SMA) at $3.36.
Conclusion
Pendle’s future price depends on whether the growth in real-world asset adoption can outpace the risks from DeFi deleveraging. With 45% of its TVL coming from institutional investors, Pendle has some stability, but the threat of forced liquidations remains. The upcoming Boros upgrade aims to attract over $500 million in non-leveraged yield demand before $1.1 billion worth of PT tokens mature in December. Keep an eye on weekly decentralized exchange (DEX) inflows and Aave v3 borrowing rates for signs of market direction.
What are people saying about PENDLE?
The Pendle (PENDLE) community is divided between hopeful optimism driven by potential earnings and cautious skepticism based on technical analysis. Here’s what’s currently making waves:
- Talk of a technical breakout – Some traders are targeting prices above $5 as key indicators turn positive.
- Institutional buying – A wallet linked to Arca has purchased $8.3 million worth of PENDLE tokens.
- Momentum from locked value – With $7.7 billion locked in the protocol, there’s debate about whether this is driving a 30% price increase.
Deep Dive
1. Recovery Above Key Moving Average Sparks Bullish Momentum 🚀
@gemxbt notes:
"PENDLE breaks 20-day moving average with RSI trending up – next target $5.0 if volume confirms."
– @gemxbt (46.6K followers · 184K posts · August 31, 2025)
View original post
What this means:
Technical traders see this as a positive sign. The moving average crossover combined with a rising Relative Strength Index (RSI) suggests the price trend might be reversing after recent drops. This could lead to higher prices if buying volume supports it.
2. Arca Wallet’s $8.3M Accumulation Signals Confidence 🧮
According to Cryptonewsland:
An institutional wallet (address 0xaA3) bought 2.18 million PENDLE tokens, worth about $8.31 million, over six days without selling any.
– Cryptonewsland (June 2025 report)
View original post
What this means:
This large purchase suggests strong confidence from institutional investors, which is generally a positive sign for PENDLE’s future. However, since 87% of tokens are held by a few large wallets, this concentration could lead to price swings if those holders decide to sell.
3. TVL Growth vs. Price Action Mismatch 📉
@johnmorganFL points out:
"Pendle’s Total Value Locked (TVL) hits $7.7 billion, but the price is down 47% over the past month – is it undervalued or is the usual price-value link broken?"
– @johnmorganFL (35.2K followers · 552K posts · August 8, 2025)
View original post
What this means:
While the growing TVL shows that more users are locking assets in Pendle’s protocol, the sharp price drop suggests other factors, like broader market conditions, are pushing prices down. This disconnect makes it hard to tell if the token is undervalued or if external pressures are dominating.
Conclusion
The overall outlook on Pendle is cautiously optimistic. Strong fundamentals like growing TVL and institutional buying support the token, but tough market conditions are holding prices back. Watch the $4.25 to $4.59 price range closely—breaking above this could confirm that Pendle is undervalued and poised for growth. On the downside, the nearly 48% drop over 30 days is a warning sign for more cautious investors. Also, keep an eye on whether adoption of the Boros platform after launch leads to increased fees and benefits for vePENDLE holders.
What is the latest news about PENDLE?
Pendle is navigating the ups and downs of decentralized finance (DeFi) by offering advanced yield products designed for institutional investors, while also managing challenges related to liquidity. Here are the key updates:
- nBASIS Vault Launch (November 6, 2025) – Pendle’s Ethereum platform now offers access to real-world asset (RWA) yields through Nest Protocol, targeting institutional investors.
- Plume Relaunches Nest Protocol (November 5, 2025) – Real-world yields are now linked to on-chain rewards, quickly driving $318 million in total value locked (TVL) within just four days.
- DeFi Liquidity Squeeze (November 5, 2025) – A $128 million hack on Balancer caused many users to rapidly close leveraged Pendle positions, putting pressure on liquidity.
Deep Dive
1. nBASIS Vault Launch (November 6, 2025)
Overview: The nBASIS vault, part of Nest Protocol and integrated with Pendle on Ethereum, allows users to create flexible yield strategies based on real-world assets like tokenized government bonds. It incorporates Plume’s compliance system, providing strong risk controls and meeting regulatory standards. Users also earn Nest Points for their on-chain activities, connecting traditional finance yields with DeFi liquidity.
What this means: This development strengthens Pendle’s position in bringing real-world assets into DeFi, attracting institutional investors looking for compliant yield opportunities. However, depending on Plume’s regulatory framework introduces some counterparty risk. (CoinMarketCap)
2. Plume Relaunches Nest Protocol (November 5, 2025)
Overview: Plume relaunched Nest Protocol with Pendle-integrated vaults like nBASIS and nALPHA. These vaults distribute Plume Nest Points (PNP), which can be exchanged for $PLUME tokens. Users can increase their rewards up to 10 times by deploying assets across Pendle, Morpho, and Mystic platforms.
What this means: This encourages users to move liquidity into Pendle, but there is a risk that heavy reliance on token incentives could reduce value if demand slows down. (CoinMarketCap)
3. DeFi Liquidity Squeeze (November 5, 2025)
Overview: After a $128 million hack on Balancer, many users rushed to close leveraged positions on Pendle. Borrowing costs surged to 30–40%, and Pendle’s principal token (PT) strategies—such as borrowing stablecoins to earn 15% yields—faced margin calls as key liquidity pools reached full utilization.
What this means: This event tested Pendle’s ability to handle stress and highlighted broader risks in DeFi’s use of leverage. In the long run, it may lead to improved risk management practices. (CryptoFrontNews)
Conclusion
Pendle’s innovations with real-world assets offer a promising path for institutional capital to enter DeFi, even as the broader market shows signs of fragility. The question remains: can regulatory-compliant vaults like nBASIS balance out the risks that come with leveraged yield strategies?
What is expected in the development of PENDLE?
Pendle’s roadmap is focused on growing its yield markets, attracting institutional investors, and expanding across multiple blockchain networks.
- Boros Launch (Q4 2025) – Introducing tokenized perpetual futures funding rates to create advanced ways to earn yield.
- Citadels Expansion (2026) – Offering KYC-compliant, structured financial products tailored for institutional investors.
- Multi-Chain Growth (Ongoing) – Expanding Pendle’s presence on Solana, TON, and Hyperliquid blockchains to reach more users.
- Real-World Asset (RWA) Integration – Partnering with Plume to create compliant yield vaults like nBASIS that connect traditional assets with DeFi.
Deep Dive
1. Boros Launch (Q4 2025)
Overview:
Boros is Pendle’s upgraded system for generating yield. It focuses on tokenizing perpetual futures funding rates—a market worth over $150 billion. This allows traders to use margin trading to get leveraged exposure to yields, improving how efficiently capital is used.
What this means:
This is a positive development for PENDLE because it opens up new yield opportunities, such as funding rates from centralized exchanges, and attracts more experienced traders. However, it depends on having enough liquidity in derivatives markets and faces competition from platforms like Ethena.
2. Citadels Expansion (2026)
Overview:
Citadels will provide regulated and Shariah-compliant yield products designed for institutional investors. It combines Pendle’s technology with Know Your Customer (KYC) processes. A recent example is the launch of the 21Shares Exchange-Traded Product (ETP) on the SIX Swiss Exchange (21Shares).
What this means:
This move is somewhat positive, as institutional involvement can stabilize the total value locked (TVL) in Pendle’s platform. However, it might reduce the influence of decentralized governance. Success depends on clear regulations and strong partnerships.
3. Multi-Chain Growth (Ongoing)
Overview:
Pendle is expanding its platform to additional blockchains like Solana, TON, and Hyperliquid, where it already ranks third in total value locked ($515 million). This follows successful launches on Arbitrum and BNB Chain (NullTX).
What this means:
This expansion is good news for growing Pendle’s user base and fee income. Still, there are technical risks related to cross-chain security and the challenge of managing liquidity spread across multiple networks.
4. RWA Integration via Plume (November 2025)
Overview:
The upcoming nBASIS vault, developed with Plume Network, will connect real-world yields—like tokenized government treasuries—to Pendle’s decentralized finance ecosystem. Liquidity providers can earn 8 to 10 times more Nest Points rewards (Plume).
What this means:
This is a positive step toward diversifying revenue and attracting traditional finance (TradFi) capital. However, regulatory scrutiny around real-world assets remains a significant risk.
Conclusion
Pendle is working to bridge decentralized finance (DeFi) and traditional finance (TradFi) through innovations like Boros, institutional products via Citadels, and real-world asset integration. While success depends on technical execution and regulatory compliance, these initiatives position PENDLE as a leader in structured yield markets.
Will Pendle’s multi-chain expansion help it outpace competitors in the race for yield market share?
What updates are there in the PENDLE code base?
Pendle’s latest software updates improve its yield-focused technology and expand partnerships within the crypto ecosystem.
- Tharwa Adapter Open-Sourced (October 31, 2025) – Integration tests completed successfully; mainnet launch coming soon.
- V2 Incentive Overhaul (July 31, 2025) – Introduced flexible fee structures and lowered swap fees.
- Core v2 Audits & Documentation (November 5, 2025) – Completed six security audits and expanded technical guides.
In-Depth Look
1. Tharwa Adapter Open-Sourced (October 31, 2025)
What happened: Tharwa, a platform focused on institutional finance, has released the code for its adapter that connects with Pendle. After passing all integration tests, this adapter is ready to be launched on the main network. It allows users to combine yield strategies from both Pendle and Tharwa’s platforms.
This adapter standardizes how Tharwa interacts with Pendle’s system for tokenizing yield (called PT/YT markets), giving users access to Pendle’s fixed and variable yield options. Security checks covered important scenarios like handling contract maturity and fee collection.
Why it matters: This is a positive development for PENDLE because it opens doors to regulated financial markets and institutional investors. The smooth integration lowers technical hurdles for partners, potentially bringing more liquidity and users to Pendle.
(Source)
2. V2 Incentive Overhaul (July 31, 2025)
What happened: Pendle updated its incentive system for version 2 to better reward pools based on their actual trading activity. Swap fees were reduced from 2% to 1.3% to make trading cheaper.
Instead of giving out rewards evenly, PENDLE tokens are now distributed based on how much fees each pool generates. Weekly limits on rewards adjust dynamically—pools performing well get more rewards faster, while less active pools see slower increases. Additionally, yield token (YT) fees increased from 5% to 7% to support the protocol’s revenue.
Why it matters: This change is neutral for PENDLE in the short term. It aims to make incentives more efficient and sustainable, but some smaller pools might see less liquidity initially. The fee adjustments try to strike a balance between keeping costs low for users and maintaining healthy protocol income.
(Source)
3. Core v2 Audits & Documentation (November 5, 2025)
What happened: Pendle’s core version 2 contracts were reviewed by six independent security firms, with all reports made publicly available on GitHub. The team also expanded technical documentation to include detailed instructions on how to use yield tokenization and automated market maker (AMM) features.
The audits focused on complex scenarios like how time-based decay affects yields and how fees are distributed. The updated docs explain advanced features such as Boros (a system for trading funding rates) and vePENDLE governance, making it easier for developers to build on Pendle.
Why it matters: This is a strong positive for PENDLE. Thorough security audits increase confidence in the platform’s safety, especially for complex financial products. Better documentation helps attract developers and partners, boosting integration and growth in the decentralized finance (DeFi) space.
(Source)
Conclusion
Pendle’s recent updates focus on making the platform more scalable, secure, and attractive to institutional users. With the Tharwa integration ready to go live and incentives fine-tuned for efficiency, Pendle is positioning itself as a key player in cross-chain yield markets. The upcoming Boros funding rate trading feature could bring new investment interest in the last quarter of 2025.